NASA officials unveiled a model of the James Webb Space Telescope (JWST), a new telescope which is expected to replace the aging Hubble space telescope. The $4.5 billion space telescope is bigger than the Hubble and will sit further from Earth. The total expected cost of the project is almost $3 billion cheaper than the original Hubble project.

The JWST will be 80ft long by 40ft. high and will have a mirror nearly three times the size of the one used on the Hubble. The 21ft. mirror will allow scientists to see further into the history of space. Norhrop Grumman, the contractor responsible for building the JWST telescope, expects it to have a 10-year lifespan.

The full-scale model of the JWST is currently on display near the Smithsonian National Air and Space Museum. Although budget issues continue to plague NASA, all technical and cost schedules have reportedly been met for the past 20 months.

"We're making excellent progress in meeting all of our plans and commitments for a mid-2013 launch," said Martin Mohan, a Northrop Grumman project manager.

Until JWST is launched, NASA plans on continuing to service the Hubble -- NASA plans on launching at least one mission designed specifically for Hubble repair.

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